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in the defense sector and the head of a defense contractor who will feel that pain joins us next along with former vermont governor howard dean who argues maybe going over the fiscal cliff will be the best thing for the nation. >>> later, we have the former chairman of the council of economic advisers under president bush. he's going to join us as well as laura tyson, the former head of the cea under president clinton. we're going to get their take on the cliff and today's jobs number. >>> also, tough week for apple shares. is now the time to load up? stick around for the apple trade in the back half of this hour. stay tuned. [ male announcer ] when this hotel added aflac to provide a better benefits package... oahhh! [ male announcer ] it made a big splash with the employees. [ duck yelling ] [ male announcer ] find out more at... [ duck ] aflac! [ male announcer ] ♪ ha ha! >>> one of my next guests thinks that going over the fiscal cliff would be a good thing for wall street. the other says defense cuts would pose an unacceptable risk to the economy, national se
? >> defense stocks, defense index hit an historic high and with all the talk of skwegsration and certainly on defense spending you would think they would be down. another sign that the markets are optimistic things will work out. airlines were up today. very positive comments on capacity and business coming back after sandy, so there's two groups that held up and, of course, apple up as well. >> interesting to see the defense stocks act that way, bob, even though we're expecting layoffs in the sector. >> yeah. this is what's remarkable to me. overall you would think orders, like future orders, which is what defense spending -- defense stocks trade on would be noticeable to the downside and there's ate lot of worry. not underperforming the market. since the beginning of the deekz december, they have been outperforming. >> go ahead, debra. >> been at the tax rates before and it wasn't like nobody jumped out of market. stocks did outperform at market. >> but that was a very different time, wasn't it? we were on the east internet. you had dotcoms soaring and money moving into technology right
where it should be and and the bloated defense budget. unnecessary social programs. me? i think we aren't where we need to be yet when the it comes to abandoning all the hope. i think the postfiscal cliff world has -- not to matter. those people are polyannas. i think we go into a recession with lots of layoffs and the fiscal cliff was designed to compromise. the cliff was designed to scare legislators into rising above politics and compromise. everyone knew about the growth. just like in europe. means it could be, in fact, reduced dramatically. fewer jobs, larger deficit. not smaller. and the federal reserve that's throwing up its hands, can't do anything. as i said last night, it doesn't matter. we can pick our stocks and buy them down. like the fabulous names, amazon, ulta salons. buy them down in scales like i outline in the book "real money." now suggesting other groups giving you a bang for the buck. new groups betting that the hope will be squeezed out and the bottom gets put in before a deal is made -- or not. why not? we know the auto market is for 11 years now and we have been
like it. i already own it. you see how much i like it because i own it. that was the primary defense. you haven't seen a great many big prosecutions in this area. interestingly enough, one of the areas that they did, oh, about 25 years ago, prosecute some folks on was running a options portfolio. they marked the stock up to make the options more attractive so they got a bigger bonus from their firm. >> they closed the stock on the strike too, right, art? >> absolutely. >> the options owners wouldn't make any money. >> that's right. >> are you expecting, ron, that we're going to see various sort of techniques at year end to make the portfolios look better? >> i think now that this has become so public with "the wall street journal" article, it focuses on the movement of very thinly traded stocks. one thing to watch out for is they don't invest in this microcap world that is so easily pushed around. they were talking about one stock in the article that had a market value of $36 million. any individual can move a stock with that kind of market cap. you want to stay away from funds that
medicare benefits? and why don't we cut the -- the defense budget? why do we need people in europe? why do we need them in japan? what are we doing in decree california? i want some answers to this. >> well, go to the web and look for the republican budget. that was written by the chairman of our budget committee paul ryan. you will see these savings -- >> 30-year, 40-year plan. i want to know what we can do -- >> well -- number one, defense has already been cut. we can debate how much it should be cut further but it has already been cut. i mean that's just a fact. >> but we added -- >> -- defense on the republican side. you have that global war turf. -- good idea. >> say again, please? >> global war -- >> here's what you have to do. ultimately you're going to take america off the road to fiscal insolvency. you're going to have to reform current entitlement programs for future generations, which is exactly what we do in our budget. medicare is going broke, social security is going broke. the four trust funds. you've got one trust fund going broke in about six years -- i'm happy to put that
against potential disaster. we see the vix very low. they're not taking the type of defensive, decisive action. if we get a downgrade and if this happens, it will be terrible for the market. that's what's potentially on the market, if we don't make a deal in washington. >> scott, let me ask you again how you want to allocate capital then in that environment. i know george young is with us again, joining the conversation. i want to ask you the same question. go ahead, scott. how are you investing right now? >> maria, i think the best way forward is the way it's worked since the bottom of the market in 2009. risk assets are where it's at. the fed is very supportive. the consumer is back and engaged. housing is getting better. the fiscal cliff is actually constructive from the standpoint it causes people to come together and compromise because going over the cliff while we may do it for a short time period is not beneficial to anybody. it hurts everybody. >> so risk assets being, what, technology? what does that mean, technology? >> not necessarily. we would stay with dividend payers. we w
to take up the explosive issue of same-sex marriage, agreeing to hear challenges to the federal defense of marriage act and california's proposition 8. nbc's pete williams joins us now from washington with all the latest details. good evening, pete. >> reporter: good evening, larry. the vilma case is the easier one. federal law signed into law by president clinton in 1996. it says if a person is legally married in a state, the federal government can't recognize those marriages. that's where you talked about federal benefits heterosexual couples get and same sex couples do not. the prop 8 thing is bigger. while potentially it's confined to the state of california only, the question it out there having given the right to gay marriage could the state then take it away through proposition 8 passed by a majority of the vote nurse 2008. having taken that case, the court could get to the bedrock issue. can any state refuse to let same sex couples get married under the federal constitution. it could potentially be narrow or very far. >> pete, as i understand it, let me ask you. this one of thes
, the defense department saying kim jong un can spend his money launching missiles or feed his people but he can't have both. the missile is capable of taking a nuclear bomb to a target in the region. the syrian military has been fighting scud missiles at rebily fighters. while there's no evidence that they have been loaded with chemical weapons, at many as saturday scud missiles have been fired over several days. welcome back mark ginsburg. is assad pushing the pan being button? >> this 1945. he's in the bunker, throwing everything he can at the point. it's a desperate move on his part because the rebels are closing in. it was those very scud missiles that saddam hussein lobbed at israel and there was great fear that those scud missiles are capable -- i said capable -- of having weapons of mass destruction on their war head. >> we don't really know. we're assuming know but it's possible these could be housing chemical weapons? >> there had already been reports, larry, earlier this week. that's why secretary of defense panetta and the president of the united states warned assad publicly about us
. you know what? one of the main things that the trading community has been looking at is a defense contractor. these guys are ground zero for any fiscal cliff stress. yesterday when the president got on and the future started selling off, we were watching the defense contractors. they weren't sliding whatsoever. so we were telling our clients, this is a near term blip in the market. unfortunately we are surrounding by headline trading. but a lot of the underlying current right now seem to be saying that the deal is saturdaying to come together. and i think becky hit it right on the head in the prior segment saying we're not seeing these guys in front of the cameras. they're in the rooms talking, which is important. so we keep telling clients, watch these defense contractors. it has utx, it has boeing, it has lockheed martin. these guys will be the most impacted by sequestration if this hits. so we always watch this for stress if the market is selling off for cliff reasons or if it's just a near term emotional blip. kelly, the other thing we're paying a lot of attention to is the go
was president. significant cuts in defense and also significant human services can you tell us. >> katie, let me ask you, before you respond to what governor dean is saying. there is logic to what howard dean is saying. i don't happen to agree with it. but i know where he's coming from. katie, let me ask you this -- katie can't hear me. we'll wait for her to get back hooked in. howard, what about the notion that i'm posing tonight -- i've said this a few times -- republicans better be careful. they're not going down your road and the democrats aren't going down your road. you have middle class tax cuts for the democrats and it sometimes sounds to me as an old reagan conservative that the republicans better watch themselves because sometimes it sounds like they are kind of defending rich people. that's their whole mantra, just defending rich people. and i think that's not where they should be. >> i would agree. if i were politically advising the republicans, which i'm certainly not, i think tom colts was right from oklahoma. they ought to get out of the way. there wouldn't be as much deficit redu
billion, more or less. >> more or less. >> it's homeland security, not just defense. >> yeah. that's always been one of the mischaracterizatio mischaracterizations. think of it as all national security. there's other parts that go into medicare providers also. >> can i possibly talk you into leaving the capital gains tax rate alone and the dividends tax rate? they're pro investment, pro capital formation. they help inves tors and retirees and help start new businesses. i know certain tax rates will goup whether i like it or not. can icon vince you to leave capital gains alone? >> it's all on the table. only two people know. that's president obama and speaker baner. i haven't spoken to them today. they're not talking publically. but they are negotiating. i believe getting closer. you have to realize as part of the budget agreement of 2011 we did agree on $1.1 trillion in cuts. that's already there. and i also believe that it's very important that we raise the debt ceiling when we do the fiscal -- >> you will never get it. let me ask you. will the democrats get an increase in and i u
significant cuts in defense. >> a lot of the big market calls, strategist calls, has the year end 2013 at 1580, but sub1400 because the cliff is going to be choppy and tricky. >> i'm not going to disagree with that. what if we get corporate tax reform? >> and jamie dimon's right again. we're a world leader and the market goes much higher, and a rational deal i think -- will it hit the ceiling? will it change? you get a real deal. what are we going to be sitting here talking about when 3m reaffirmed, dupont bought back stock -- >> $1 billion share buyback. >> and how the multiples were compressed because of the fiscal cliff. now people should pay more for earnings. we go back and do what we used to do. >> we will. one way or the other, we will. >> remember when we used to talk about spain? italy? >> the good old days. spain was borrowing at 7%. >> germany went to the five-year high. we could have that, too. unlike them, our economy is not in tatters. they go five-year high on tatters. audi, good car. >> yes. good car. >> meantime, shares of costco this morning up in the premarket. warehouse ret
go here as we go down the list, reducing military spending, reducing non-defense spending. all of that is negative. a slight positive on reducing non-defense spending for republicans. but then you take these last three. raising the retirement age, raising income taxes for everybody, raising medicare for spending. net negative for all three political factions. democrats, republicans, and independents. one thing you'll notice here quickly is that the red here, reducing military spending debt, is the most net negative for the republicans. even more negative than raisings taxes on all people. >> you know, i look at that. if i'm understanding it correctly, my initial reaction is, are americans just in a fantasy land over medicare spending? you can't get there unless you reduce medicare spending. >> i think that may be true. i think when we talk about leadership and political leadership taking risks, i think one of the things people have to do is politicians step forward and say, okay, here's the benefit and here's the cost. if weaver get there, we can start to poll that and ask peop
district i have a major base and defense contractors are there. they are already telling me they are laying off. >> how many cuts are you expecting? >> we don't know in total but we know there will be because they are telling us. >> i think you have to be willing to commit political harry kerry because you have to say no. >> our day in washington isn't done, just beginning. top of the next hour maria and i will be joined by senator johnny isakson. back to you guys. >> maria, brian, thank you very much. will a fiscal cliff deal be done in time? why don't you register your opinion. finance.cnbc. cast your vote. results will come up later on "power lunch." sue. >> we have a triple digit rally on the floor of the new york stock exchange with the dow jones industrial just off the highs of the trading session. we're up 109 points on the dow despite the gridlock in washington. nasdaq is up 41 points and s&p 500 is up 13 points. all three of those averages moving back above their 50-day moving average. first time we've seen that since october. trader from cnbc, and ceo of destination wealth managem
.s. and allies closer to the serious vicivil w. former deputy assistant defense secretary. rula let me begin with you. is this going to blow up into a civil war and blow up? >> no, i think it is against him grabbing power. it is a sign that he needs to back off and drop the decrees and make a constitution that is not acceptable by the egyptians. he is not governing in the name of the muslim brotherhood. he needs to listen to them. >> his recent actions suggest that the answer is no. and that is he going his own way. >> i hope she is right. everyone that you can think of is that the people who prevailed is that the people who are the most organized are the most ruthless. i want to ask you about the role of al qaeda in iraq and in jordon. could this spread to iraq? >> i think they have nothing to do with each other. it is wrong. they are two different cultures. they are a million years away from each other. let protesters are civil enough not to become violent. you saw the soldiers and the police men. they let them say what they wanted. and the us aid. and here the government has a major role
the president extended the tax cuts? and why doesn't the president offer spending cuts to medicare and defense and social security? how about weapons programs that don't fit in the terrorism world. how about foreign aid and maybe trying to be helpful, i'm sure some of today's rallies are based on the believe that say some of today's rally is better than tomorrow. but what, he is the fed chief. the levels of purchase have gotten insane. but bad for those who have been buying stocks. they are confident that they will keep rates low. it will run up into the fed statement and you might as well wait for the market to come in. we will be back on cliff watch. it is that i have a bunch of politicians to agree that there should be no vacation. or they are getting our critical message on this issue. maybe everybody i spoke to is ready to rise above these labels. time to avoid the cliff. that is a prescription for the wealth creation that is dependant upon washington's policy. here is my bottom line. and then we bounce back. when republicans can stick by the pledge. so we have to ask yourself can you han
to send 20 f-16 fighter jets to syria. >> is this the time to send secretary defense. >> if we are recognizing the opposition there, some reports say that it is full of al qaeda as and iraq and al kid is in syria. it is good that the at min tration is finally doing something. we have beeen sitting on their hands. >> the u.s. is sending 20 more f-16. he is at war with reformers and there are rights there. we no no idea what this consti tooth constitution. why are we doing this? >> i'm as confused. i kint of say how is that working for you? nothing to do with syria, yemen ebipt and this is a mess and so is our policy. >> you are right. but we want to be careful by not ailnating the military. >> do we know, ebipt was a secularist. now, the question here is, is it going to become a sharia. is the brotherhood going to get this power. >> that is the biggest concern. we'll see how that goes on sunday. it would be a shame if egypt was less throw. >> why don't we hold this aid back until talks can lay out and send the state department thing over. the secularists and reformers on the str
sectors having a big day. defense stocks, number one. who would have thought? what sequestration worries are there? this is a historic high. the philadelphia defense index, the main index everyone watches in defense stocks, historic high today. all the big name defense stocks are to the upside. raytheon, northrop, rockwell. all are up and outperforming the market this month. who would have thunk it? say what you will. these stocks are having big worries on sequestration. put up my two main points and i'll tell you what i think is going on here. even though the threat is looming here they're ignoring it. i think regardless. everything i read indicates there's budget uncertainty and slower bookings comes from all the defense names. frankly them trading at a slight premium to the market now strikes me as a bit odd. nonetheless, that's what's going on. let me also mention the airlines. because the airline index is hitting a 52-week high today. there is some general optimism. delta, there's actual deals. kell t delta is buying into southwest. 49% stake from singapore. good commerce from some
in the uk will be spending this financial year on health, transport and defense in aggregate. >> you were talking quite rightly about the low level of he have credit growth in the uk, which has obviously been a feature of this period. but there's a question of what's cause and what's effect there. the banks will tell you that that problem is not so much availability of credit, there's credit demand and even in the mortgage sector which under normal circumstances you might have been eager to see people borrow money. we're seeing net repayments for the first time for a very, very long time. so you can take the economy to water, but you can't make it drink. how do you respond. >> i say of course the banks would say that, they would say the problem is all the economic outlook and what the government does and of course the government will say it's the banks, both of them have to work this tandem to get credit to businesses. we don't have the same kind of culture in our banks here in the uk as they do in germany. local saving banks which actually see part of their purpose ensuring those access
just on tax increases at that point. >> and he says you get defense cuts. >> you can't get defense cuts any other way. and he's not the only one. there's a lot of people on the left and there's quite a few people on the right. i'm glad you're optimistic and a lot of ceos and guys in your position -- if you run a company, you don't need consumers petrified and business people petrified. this is the last thing we need if you run a company. i understand you have a horse in the game. >> but you also have the double trigger. if you go over the cliff, we've got the debt ceiling fight right afterwards. it's not like that's six months down the line. that's in if first month, six weeks of the new year. >> the other thing, depending on where you stand, the idea that we just get rid of congressional approval of the debt ceiling at all, which is that ludicrous proposal that was in the president's plan. that's not -- and would you really want that? would you really want not having any more oversight over whether we keep raising the debt? >> but there's also a compromise that's potentially there on t
. obviously, trying to appeal to a younger demographic with this message. >> i was talking to a defense analyst the other day. he said the problem with all of this is the fact i'm worried about my 9-year-old. i'm worried about my 15-year-old. they're going to be paying unbelievable tax rates because we are dumping all of this on them. so on the one hand, yes, it looks like -- he looks a little crazy in this. a little goofy. at the same time, he's appealing to kids because, guess what? it's on you, kids. >> and you know what? i'm thinking that generation is not listening right now. they're not paying attention. >> when they pay the tax rates at 90% or 75% like france is doing, they'll listen. thanks, alan simpson. >> we applaud your efforts there, senator. good job. all right. we'll come back with the closing countdown. market still losing altitude. up just 94 points. >> after the bell, he said there will be no fiscal cliff deal without higher tax rates. find out if treasury secretary tim geithner thinks going over the deal is a better option than compromising on revenue. he joins us at
liked it -- when i.t.t. was all together, we liked the itt's defense business and we liked this company. but you know what? sir, i've not looked at it either since the spinoff. we owe you to look at that and we will. i've been telling people that clean harbors is the way to play. i'm looking at xylem. they pick these things, hey, whatever, they've got the naming guys, i would have called it itt cleanup. anyway, we're going to look at it for you. don't let economic worries jade you. mexico's economy is thriving, it just doesn't get talked about. and i think kansas city southern is the way to benefit. >> all aboard! >> it's the nafta railroad except for it doesn't take away our jobs. don't move, "lightning round's" coming. >>> keep up with cramer all day long. follow @jimcramer on twitter and tweet your questions #madtweets. welcome to chevy's year-end event. so, the 5.3-liter v-8 silverado can tow up to 9,600 pounds? 315 horsepower. what's that in reindeer power? [ laughing ] [ stops laughing ] [ male announcer ] chevy's giving more. this holiday season, trade up to get the 2012 chevy si
notice means they are likely to take action. defense here. you can still make it. it gives the opportunity to at least make a final defense so to speak as to why they shouldn't take action. we'll see what that defense is when mr. hastings -- we have a sense for it given what they wrote yesterday. >> i'm sure it will be closely watched. we should be clear that we didn't see too much reaction in the stock for good reason. this is really a slap on the wrist in the scheme of things. this will be closely watched because i'm sure other companies will want to know whether if they tweet something, is that fair disclosure. if they use facebook and that will have ramifications in terms of how companies choose to share information with investors. the other point that it raises just thinking about information that can move the markets, this is separate from the s.e.c. in a wells notice, there are many days where we have economic data that is released and it is released a few minutes beforehand to subscribers to that service. is that fair? that's not the s.e.c.'s purview but it raises i
cuts to defense companies. you do not want to miss this confrontation. ricans are alwayso work hard for a better future. since ameriprise financial was founded back in 1894, they've been committed to putting clients first. helping generations through tough times. good times. never taking a bailout. there when you need them. helping millions of americans over the centuries. the strength of a global financial leader. the heart of a one-to-one relationship. together for your future. ♪ >>> pretty clear apple stock is having its worst week in more than two years. let's get to bertha coombs with the details. >> tough end of the week ear. it's apple's horrible, awful week. today's decline saw shares hit a real technical weak point, the so-called death cross. that's where the 50-day moving average, the top line in yellow, crossed below the orange line. that's the 200-day moving average. according to the spoke investment group, the last time that happened in september 2008, shares didn't bottom until january of 2009. it kept crossing that technical weak point. apple is on track for its wor
. >> in mike's defense, the stock looks like it's in much stronger hands than it was two, three years ago, and there's no more government supply coming. >> i agree 100% with enis. i think 32 looks like a great part. again, if you look at the chart, when this things makes moves, the last move was from 34 to 24, the move it just made is ten pints from its slow. would i say the next move is, you know, to 41, and that's a pretty good return from this price >> i sense you guys are not all that far apart in your opinions on this stock, if only you were the ones negotiating the fiscal cliff. thanks so much for joining us on "talking numbers." >> up next, we'll ask leader from both parties what they are willing to give up. representative lynn jenkins and x xafier becerra will join mvier . >>> all right. let's take a look at markets as we head towards the close. 30 minutes left, maria, and, you know, the optimism of this morning has been tempered by those comments from senator harry reid, apparently, that we would not have a deal, he didn't think, before christmas, and that it was up to the republ
cliff. you'll raise some taxes, yes, that's true, you'll cut defense and some human services. this is the only way we'll have a significant bite out of this deficit. i think the market is going to like this. they say no right now, but when they see that this government is taking on the deficit in a serious way i think they will like it >> you don't think going over the cliff is armageddon? >> this is just nonsense, absolutely not. this is a bipartisan deal that was made. now both parties are trying to welch on their commitments. i think that's a mistake. >> steve, ben bernanke said today if we do go over the fiscal cliff, even if it's for a short period of time, it's going to be very costly and they do not have the tools to basically dig us out of it. do you believe if we go over the fiscal cliff it won't be as easy as the governor is suggesting? >> we're in trouble anyway this quarter and the next quarter and putting on taxes of any kind would be the wrong thing to do. sometimes the governor is a former physician, current physician, and you learn first go don't harm the pati
named silicon valley, but you had the defense industry; you had hewlett-packard, but you also had the counter-culture of the bay area. that entire brew came together in steve jobs. he was sort of a hippie-ish rebel kid, loved listening to dylan music, dropped acid, but also he loved electronics. >> jobs would eventually cross paths with a computer wizard at berkeley five years his senior named steve wozniak. they became fast friends, sharing a love of high-tech pranks and a disdain for authority. one of the things they did was to copy and improve an illicit device called a blue box, which reproduced the tones that the phone company used and allowed users to make free long-distance phone calls. >> wozniak loves the blue box. he's doing it as a prank. steve says, "we can sell them. we can market them." and they sold about 100 of 'em. and jobs said to me, "that's the beginning of apple. when we started doing that blue box, i knew that with wozniak's brilliant designs and my marketing skills, we could sell anything." >> that was still a few years off. jobs enrolled at reed college in
is no defense against conmen. in fact, smart guys may be the biggest suckers of all. >> as someone who does sleight of hand for a living, to me, the ideal audience would be scientists or nobel prize winners who are incredibly smart in their one area, and often-- often, not always--have an ego with them which says, "i am really smart so i can't be fooled." no one is easier to fool. so, morley, i'm gonna play you one hand of blackjack with certain propositions that make it too good to be true. >> safer: and so, determined not to be conned by him again, i sat down for a friendly card game with mister jay. >> you win all ties. >> safer: the rules were all stacked in my favor. i got 20. he showed a 9, meaning, i thought, it was impossible for him to win. >> and, god, the only thing that could beat you would be is if i had a 12 or something. which i do--see? i have--i have a 12 of clubs. so i have 21 to your 20. >> safer: but there's no such thing as a 12 of clubs, right? wrong. not only did mister jay manipulate the cards somehow to get the ones he wanted, he was also dealing from a deck used in
to go down, a million layoffs in the defense industry. no one seems to care right now. it's bad. >> you know what we have going for us? the grid, december 17 announced -- on a seasonal basis, they have reiterated once again that it doesn't have the demand to be sold year round, but starting a week from monday. >> i don't buy that. i think they do it because whenever they have mcrib, they're just fighting traffic for mcrib. there are places in the world where the mcrib is on the menu all the time. in case you're there on your vacation. >> i'm learning here all the time. i'm always learning. >> switch from the bacon cheese-inator. [ bell rings ] . >> celebrating the ground breaking of hotels in new york. we'll be speaking to the ceo in this hour. >> whitehorse is an interesting story. >> white house, delayed over at the nasdaq, the new york stock exchange puts out a release reiterating 16 companies have announced or moved to the big board so for this year. you're starting to wonder who would go public on the nasdaq. >> still waiting for the night capital resolution, knight had taken a rea
are the same three vying for the heisman trophy this weekend. manti te'o is the first defensive winner since 1980. heisman is handed out saturday night in new york city. in the running, collin klein, johnny ma johnny manziel and manti te'o. >> coming up, it's jobs friday. people know that. so that means time for predictions from our guest hosts. but first, the world's largest cut stone on display. called the dom pedro gem. more than a foot tall. weighs nearly five pounds. [ penélope ] i found the best cafe in the world. nespresso. where i never have to compromise on anything. ♪ where just one touch creates the perfect coffee. where every cappuccino and latte is only made with fresh milk. and where the staff is exceptionally friendly. ♪ nespresso. what else? can i help you? i heard you guys can ship ground for less than the ups store. that's right. i've learned the only way to get a holiday deal is to camp out. you know we've been open all night. is this a trick to get my spot? [ male announcer ] break from the holiday stress. save on grounipping at fedex office. made a retirement plan,
wealth of 2009, we actually grew 2% and gained market share. there is a defensiveness. that is also created by the fact that we operate in a little less than is 00 countries. you know, locally with local teams so that gives us a natural hedge. and the other natural hedge that we have is that we sell fragrances and flavors to wide variety of brands. you know, local, regional or multi national clients which gives us a natural hedge from that standpoint. >> but then as you expand in the gd markets, i assume that you're confronted with a huge challenge. you're standing here in switzerland, you're thousands of miles away from where the end consumer is. how do you actually know what consumers let's say in south america, africa actually like in terms of fragrances? >> it's imminently linked to the culture of a local country. especially on the state side, especially on the flavor side. so we don't create fragrances and flavors for the indians and the chinese. we have 9,000 people around the world. half of them create the next fragrances and flavors. and out of those 4,500 people, you have r
defensive line, they sacked toney romo. they had him under pressure. a.j. green, who is great, dropped a bunch of passes and they had about three or four dropped interceptions that would have turned it around. they didn't convert some third -- i watched the whole game and as i said, it was devastating for just a regular season games. >> i've been a bengals fan, seriously, since ken anderson. >> gregg cook. >> yeah, craig cook from the university of cincinnati. i remember those guys. i loved them. bob trumping, chris collinsworth. john harwood, thank you. and i was happening that rg3, no real damage, hopefully. comments, questions on anything you see here on squawk, e-mail us, >>> still to come, one of the most cited voices since the fiscal cliff, erskine bowles. he he loves the rise above. first, we're going to head to the futures pits in chicago and see which stories are most likely to drive today's trading. as we head to break, some of santa's friends dawned swimsuits this weekend to take part in the santa claus run in budapest, hungary. they did their best to keep m
on terror? we've got defense cuts, about there's $4 trillion, documented numbers spent to defeat our enemies, who aso is that coming. how do you cut that budget. >> maybe to corporate's point, if you accede to the president on tax hikes, then you shift the debate purely on, okay, we've given, let's focus on the spending side. >> it's dangerous. spending side means -- >> they need to compromise that's actually worthwhile. >> if you raise taxes, you lose in the republican primary, and if you cut benefits, you lose everywhere, no matter republican or democrat. everybody knows that. dic dicey. >> running for higher taxes? i mean, look, i'm not pro -- i think that frits van paasschen who has a big bet on china, he laid it out. he said we need both. i was listening to cody from honeywell, it's a dangerous position to want both tax increases and entitlement cuts. i hear very few politicians wanting to do that. >> speaking of china, by the way, mostly upbeat data out of china. 10.1% in november, strongest since march. exports rose at a weaker pace. the planned resignation of italian prime minister m
spending is the most unacceptable thing for republicans. moving along, reducing non-defense spending and come down to the least acceptable thing for everybody involved is reducing medicare spending. you want to know how to fix the fiscal cliff? you have to raise taxes on those 250 above and cap deductions and a cap in deductions on everybody loon looks to be marginally acceptable. we'll have a chance to talk about that chart later but i hear you have some interesting guests on this issue coming up. >> we're talking about that chart and will catch you up later. also the joint economic committee will hold a hearing on the fiscal cliff. can congress come up with a compromise before the looming deadline? senator robert casey and jec vice chairman tom brady joins us from texas. thank you for being here. you have a lot of things happening behind the scenes. senator casey, i know you have said what we're watching is a lot of drama and probably taking our eye off the ball in terms of what's happening. can you tell us if there's progress being made behind the scenes? >> i think there's a litt
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